[9] DWAC was created with the help of ARC Capital, a Shanghai-based firm known for listing Chinese companies on American stock markets and which had been under SEC investigation for misrepresenting shell corporations.

[8][17] DWAC proceeded to raise hundreds of millions of dollars; reporters questioned the ethics and legality surrounding their financial backers and their history with the Securities and Exchange Commission (SEC).

[18][19][20] At the same time, they revealed that the SEC and Financial Industry Regulatory Authority (FINRA) had begun investigating the SPAC's communication with TMTG.

[24][25] In March it was reported that New York investigators were looking into whether TMTG had violated anti-money laundering laws by accepting $8 million connected to a Russian oligarch.

[26][27][28] On November 21, 2023, TMTG filed a lawsuit seeking $1.5 billion in damages from 20 media outlets for falsely reporting a $73 million loss.

[41] On July 12, 2024, one day before the assassination attempt on Donald Trump, Austin Private Wealth filed a report indicating that it had shorted 12 million shares of TMTG.

[46] On January 28, 2025, its six directors — Kash Patel, Linda McMahon, Robert Lighthizer, Eric Swider, Kyle Green and Donald Trump Jr. — were awarded nearly 26,000 shares each.

[49] In late April 2022, holding company DWAC lost 44% of its stock value after Elon Musk disclosed his large stake in and intent to buy out Twitter.

Matthew Kennedy, a market strategist at Renaissance Capital, said a Musk-owned Twitter would undercut the rationale behind Truth Social's existence.

[51][52][53] The Guardian reported in March 2023 that in 2022 the SDNY expanded its criminal investigation to include whether TMTG engaged in money laundering.

Beginning in December 2021, when the company was in danger of collapsing because its merger with DWAC had been delayed, it received a loan in two payments totaling $8 million.

Another $6 million was paid by an ostensibly separate entity, ES Family Trust, which shared a director with Paxum Bank.

According to a government transcript, an informant referenced the process as "the full Singapore with a double dip, as we call it, with having the U.K. thrown in there, just to give it that added cleanliness and polishing off".

[59] In February 2024, United Atlantic Ventures (UAV), the partnership of TMTG co-founders Andy Litinsky and Wes Moss, sued TMTG for attempting to dilute their ownership stake by increasing the authorized stock from 120 million to 1 billion shares, thus lowering the value of UAV's shares from 8.6 percent to less than 1 percent.